Question

Due to the​ Gramm-Leach-Bliley Act of 1999

A. allowed European central banks to unite into the European Union Bank.
B. the US government forbid US commercial banks to own stock of foreign banks and businesses.
C. the US government allowed commercial banks to own stock and sell insurance policies.
D. the US government forbid US commercial banks to own stock of any other business domestic or foreign.

Answer 1

The Gramm-Leach-Bliley Act of 1999 allowed US commercial banks to own stock and sell insurance policies, reflecting a major shift in the financial services sector.

Step-by-step explanation:

The Gramm-Leach-Bliley Act of 1999

The correct answer to the question is C. the US government allowed commercial banks to own stock and sell insurance policies. The Gramm-Leach-Bliley Act, also known as the Financial Services Modernization Act of 1999, repealed the Glass-Steagall Act's restrictions on the financial services industry. Specifically, it allowed commercial banks, investment banks, securities firms, and insurance companies to consolidate. Prior to this act, such financial services were kept separate under the Glass-Steagall Act, which was enacted during the Great Depression to reduce risk and prevent future financial crises. The repeal in 1999 was a significant change, allowing financial institutions more freedom to offer a range of services, including the sale of insurance policies and ownership of stocks, which was believed to promote competition and improve consumer choice.

Answer 2

C. the US government allowed commercial banks to own stock and sell insurance policies.

Step-by-step explanation:

The Gramm-Leach-Bliley Act (GLBA) of 1999 basically repealed or revoked or cancelled the Glass-Steagall Act of 1933. The Glass-Steagall Act of 1933 forbids the commercial banks to own stock and sell insurance policies. So basically by cancelling that Glass-Steagall Act of 1933, the GLBA of 1999 allowed the commercial banks to own stock and sell insurance policies.